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BASIC FINANCIAL STATEMENTS
<br />• The Statement of Net Assets focuses on resources available for future operations. In simple terms,
<br />this statement presents asnap-shot view of the assets of the District, the liabilities it owes and the
<br />net difference. The net difference is further separated into amounts restricted for specific purposes
<br />and unrestricted amounts. Governmental activities are reported on the accrual basis of accounting.
<br />• The Statement of Activities focuses gross and net costs of the District's programs and the extent to
<br />which such programs rely upon general revenues. This statement summarizes and simplifies the
<br />user's analysis to determine the extent to which programs are self-supporting and/or subsidized by
<br />general revenues.
<br />• Fund financial statements focus separately on the governmental fund and the proprietary fund.
<br />Governmental fund statements follow the more traditional presentation of financial statements.
<br />Statements for the District's proprietary fund follows the governmental funds and include net
<br />assets, revenue, expenses and changes in net assets, and cash flows.
<br />• The notes to the financial statements provide additional disclosures required by governmental
<br />accounting standards and provide information to assist the reader in understanding the District's
<br />financial condition.
<br />The MD&A is intended to explain the significant changes in financial position and differences in
<br />operations between the current and prior years. The Management's Discussion and Analysis (MD&A)
<br />includes currently known information that management is aware of at the date of the auditor's report.
<br />Please read it in conjunction with the District's financial statements that follow this section.
<br />DISTRICT AS A WHOLE
<br />Government-Wide Financial Statements
<br />The table below reflects increases in both current assets and current liabilities due to an unexpected
<br />delay in transmitting the 2005 year-end payment to the Bureau of Reclamation. The Bureau was
<br />delayed in sending invoices and therefore offered an extended deadline for payment. $S,3S2,7S2 was
<br />held in interest bearing accounts until payment was due, resulting in approximately $5,000 additional
<br />interest revenue for the District.
<br />Condensed Statement of Net Assets
<br />December 31, 2005 and 2004
<br />Dollar Percent
<br />2005 2004 Change Chan e
<br />Current and other assets
<br />Capital assets, net
<br />Total Assets
<br />Current liabilities
<br />Long-term debt
<br />Total Liabilities
<br />Invested in capital assets,
<br />net of related debt
<br />Restricted for Tabor
<br />Unrestricted
<br />Total Net Assets
<br />$ 28,600,723
<br />133,366,724
<br />161,967,447
<br />20,763,337
<br />82,913,953
<br />103,667,290
<br />47,570,649
<br />150,000
<br />10,569,508
<br />$ 58.290.157
<br />$ 22,465,397
<br />133,396,116
<br />1SS,861,513
<br />14,205,428
<br />88,902,597
<br />103,108,025
<br />41,894,888
<br />150,000
<br />10,708,600
<br />S2.7S3,488
<br />$ 6,135,326 27.31
<br />(29,392) (.02)
<br />6, l OS,934 3.92
<br />6,SS7,909 46.16
<br />(5,988,644) (6.74)
<br />569,265 .SS
<br />S,67S,761 13.SS
<br />(139,092) 1.30
<br />$ S.S36,669 10.50
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